Introduction

With everything going online across the entire world, there is a considerable change in customer behaviour leading to the enormous popularity of eCommerce and eLearning businesses.

eLearning is among the top trends that have picked up swiftly in this digital age. It is flourishing and creating new possibilities for the market leaders as it offers ease and flexibility to its end-users.

As per an online study conducted by Guru99.com, the eLearning industry has grown by 900% globally. Since its inception, the online learning market fact suggests that by 2025 to hit the $325 billion mark with over two decades. E-learning takes 40% to 60% lesser time for employees and students than conventional learning. The majority of companies are gradually shifting to e-learning.

If you are someone with vast knowledge to share with the masses along with the entrepreneurial spark, you must know about online learning.

But how do we get started?

Well, setting up a business is no piece of cake. Likewise, establishing an eLearning business too can be demanding, only if you are not starting the right way.

In this blog, we shall determine the concept along with a step-by-step plan that can help you with your dream of starting an eLearning business successfully.

What is eLearning?

Also referred to as online learning, it is a type of distance learning that does not occur in the traditional classroom where a physical teacher moderates and regulates information.

To put it simply, the delivery of learning through digital resources, like computers, smartphones, and alike.

Online learning furnishes you with the convenience of learning from anywhere and anytime, enabling you to achieve beyond modern learning peripheries. Other advantages include flexibility, independence, better time management, and improved self-motivation.

The eLearning is ubiquitous by institutions, schools, and corporations worldwide. On the other hand, the cons include more work for students, and it requires a lot of self-drive and lesser social interactions.

What is the eLearning business?

Thanks to CoVID-19 and the pandemic, the world slowly shifted from its traditional form of learning to eLearning.

Thus, the demand for more and more eLearning platforms has emanated. This is where the position of the eLearning business becomes even more vital in today's world.

An eLearning business provides a platform for teachers and students to communicate online.

Some leading eLearning platforms include: Udemy, Coursera, BYJU'S, GradeUp, TestBook, Toppr, and the list is endless!

Why You Should Start An eLearning Business In 2022?

COVID-19 has startled our method to work, learning, and entertainment. Physical classes have become a distant memory for many of us, making the world shift to eLearning platforms.

Not to doubt that the future of education lies in educational technology, and eLearning will eventually overtake the physical classroom form of education.

The eLearning industry is continuously growing, yielding a lot of revenue for companies.

Why should one invest their time, money, and energy in an eLearning business?

Let us see a few of the reasons that would help you in making the right decision:

• It is a highly profitable sector with a lot of potential
• Flexible mode of learning
• A myriad and a vast number of attributes

These beneficial reasons have contributed to a rise in 3 types of learners:

1. Looking to grow and adapt.
2. Looking to escape the pandemic blues through learning new skills.
3. Looking to learn in COVID-19 safe environments.

Now that we know about the importance of eLearning in today’s world, the eLearning industry insights, and the growth prospects, let us now learn the magic formula of setting up a successful eLearning business.

6 steps to set up your eLearning business.

1. Define your audience:

The foremost step is to specify your target audience.

To identify your target audience, you will have to perform thorough research. The best practice is to find the answers to the following questions about your target audience.

Ask questions like:

• What is the age group of your target audience?
• Where is your audience located?
• What languages do they know?
• What type of courses do they want?
• The reason they are looking for an online course?
• Are they willing to pay for the courses? Or are they seeking free options?

The answers to these questions will differ depending on your niche and what you teach.

2. Identify your core content:

The next step is to focus on the core content that your audience would most desire. That is, identify the specific lessons your audience needs the most.

It will help you ensure your customers are satisfied and help you to attract new customers.

Let’s say you’re building an eLearning business for creative freelancers. You might create your core lessons around:

• →   Paid acquisition
• →   Organic website traffic
• →   Content marketing

Using this information and keeping your target audience in mind, you can decide about your core content based on trends and the niche you are targeting. You can finalize more than one core content with a different cluster of the target audience.

3. Pick and create 1-3 actionable lessons:

We suggest you assemble a few lessons and courses for each core content before launching your platform.

To yield a high success rate, make sure your content quality is top-notch and gives worth to the learner. Generally, the first impression is a make or break the success of your eLearning platform.

4. Select your eLearning platform/technology:

Next is to decide, where will you build your eLearning business , on which platform and using which technology?

As per our extensive research and study, we recommend you use a video monetization platform.

The principal reason for using video is that it is the most effective way of teaching people remotely. It allows you to convey intricate details easily.

Also, we advise opting for a platform that is an open-source content management system (CMS) used worldwide. Open-source platforms offer a flexible and customizable design catering to your specific requirements.

The platform you choose must allow you to:

• Create a controlled learning environment.
• Connect directly with your audience.
• Offer a wide range of payment options.
• Use analytics for both your videos and marketing.

5. Pricing:

Next, we need to decide how to set prices for your eLearning business.

The primary objective of every business is to make a profit, and for that, you need to price your courses smartly. It should not be pricey that no one registers, and neither should it be too low that your expenses are not covered.

The price of courses can vary based on underlying factors like:

• →   The course duration
• →   The experience of the instructor
• →   The niche of the course

You may also want to perform competitor analysis to find the fees of similar courses on your competitor's platforms.

Alternatively, in the beginning, you can offer lesser pricing than your competition or give discount coupons to get more user engagement and settle in the market.

6. Market your new eLearning business:

The final step is to market your eLearning business.

No matter how good your platform is, you cannot be successful without good marketing.

There are thousands of eLearning platforms in the market present already, and the competition is fierce. Hence, it is necessary to make yourself heard to the audience with the help of the right marketing strategies.

You can promote your brand aggressively using one or a combination of the following techniques:

• →   An active presence on social media
• →   Running ad campaigns on Google, LinkedIn, and Facebook
• →   Start your newsletter
• →   Engage your audience with valuable insights about the industry
• →   Collaborate with educational institutions and enrol their students in your offered courses.